The after-effects of the pandemic and the looming economic recession have brought businesses into a volatile economic environment. But the downturn is also an opportunity to optimize operations and accelerate growth.
Enterprising leaders can cut costs and complexities by evaluating their business operations. Focusing on high-value core competencies maintains performance, while increased efficiency and savings produce resources to invest in long-term growth.
There are many points where businesses can leverage IT optimization to improve efficiency, reduce costs, and maintain momentum. We’ve compiled our recommendations over 6 operational areas.
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Successfully managing cloud costs requires a role and culture combining finance and operations. With the organizations we’ve worked with, we recognize that establishing a Cloud Center of Excellence is one of the keys to a successful FinOps organization. This defines pricing models, promotes communication and the sharing of best practices, organizes governance, produces reports, defines roles and responsibilities, and implements tools.
Driving optimizations by identifying FinOps roles and processes
The FinOps Manager is a hybrid role spanning a financial manager and a cloud architect that is responsible for the implementation, smooth running, and governance of cloud operations. For FinOps to be effective, the FinOps Community, led by the FinOps Manager, needs access to crucial information, like consumption data and associated costs.
At an application level, it is the job of the IT teams to:
- Monitor consumption and cost
- Detect unusual increases
- Execute optimizations
- Design with FinOps in mind
- Collaborate and contribute to the wider FinOps community
Historically, cost management was the business of a few and is now the business of all. Accurate, efficient reporting will fuel the FinOps teams’ motivation, making data access to all parties essential.
With a formalized structure and strategy, you can focus on deploying FinOps best practices. These can be viewed in a 3-stage lifecycle:
Key Takeaways
By creating a unified cycle of financial, business, and architectural processes, FinOps can optimize cloud value. Your investment in FinOps can sometimes be difficult to quantify as the costs saved are dispersed across the organization.
Immediate, large savings occur in more immature environments and then flatten out over time because they are processed through continuous improvement. In the long run, from a “FinOps by design” perspective, FinOps’ benefits will no longer be quantifiable in the form of cost reduction but rather in the more abstract form of the level of adoption of best practices.
From our experience in delivering FinOps engagements, we have observed that all clients have achieved their ROI in less than 1 year. Across your cloud bill, it is reasonable to expect optimization of around 10%. Our experience shows that deploying effective and mature FinOps practices can reduce cloud expenditure by 20 to 30% in the long run.
Let us help you optimize your FinOps strategy.
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